Getting a Good Deal

How do you know you are getting a good deal?

It's not just about paying over and under asking price. It is knowing that you paid a fair price for the home at the time the home was for sale, or if you’re lucky and the sellers were very motivated to sell and you got the home for under market market value! Market value is what a home will sell for on the open market (listed on MLS for maximum exposure), and if neither the sellers or the buyers are under extreme pressure with a timeline to buy a home. It always fluctuates, and it is determined by the supply of available homes for sale, and the demand at which buyers are out looking for homes.

What you are willing to pay more for may be different than the next buyer. So when you consider if you are wondering if this is a good purchase for you, ask yourself: What is important to you? Getting in a specific school zone? Having a large backyard? The doors, wallpaper, light fixtures, and other aesthetics are easily changeable, but you cannot change the fact the backyard is facing north when you wanted sunny evening drinks on the back deck!

A good REALTOR will do their research to get up to date on the area you are interested in. This is extremely important if you are an out-of-town buyer. Many out-of-town buyers are looking for the right fit, but do not know where to start because they are not familiar with the area. Having a good REALTOR who knows what you want will save you a lot of time by having down their research to inform you of all aspects of the area.

A good price in one area is not a guaranteed good price in another area…location location! A town/city 300 kilometres away can sell a house at "X", but where you are shopping, the market value could be significantly higher or lower. Sometimes even

Be open and honest with your REALTOR and you will be able to make an informed home-buying decision.

See you next time,
Alanna